William D. Danko is a much-sought after adviser on marketing and the behavior of the affluent. His publications have appeared in the Journal of Consumer Research, Journal of Business Research, Journal of Advertising Research, and other leading journals. He co-authored The Millionaire Next Door, a research-based book about wealth in America that has been ranked as a bestseller by The New York Times for more than three years.
The popular perception of millionaires—spendthrifts indulging in extravagant lifestyles—remained prevalent for a long time, until The Millionaire Next Door was published. Based on years of research, William Danko demonstrated that millionaires don’t behave this way at all; in fact, most reject big-spending lifestyles and live well below their means.
Inducted into Omicron Delta Kappa honor society and Signum Laudis “in recognition of dedicated service to education and academic excellence,” and the winner of an “outstanding teaching” award, Dr. Danko has had the pleasure of sharing his thoughts about marketing since 1976 with nearly 10,000 students in courses and seminars including Principles of Marketing, Marketing Strategy, and Marketing Research.
Dr. Danko earned his Ph.D. at the Lally School of Management and Technology, Rensselaer Polytechnic Institute, in Troy, NY. He serves on the board of directors of the Statewide Zone Capital Corporation and New York Business Development Corporation.
Dr. Danko resides in upstate New York with his wife, and is the father of three adult children. None of them ask him for money.
Topic:
What The Wealthy STILL Know to Be True/Getting Acquainted with the Millionaire Next Door
With audiences of 20 to 10,000 who wish to hear a half-hour keynote address or engage in a two-hour seminar, Dr. Bill Danko’s presentation builds on the findings in The Millionaire Next Door with insights from a new nationwide survey and numerous personal interviews since the book was published in 1996.
Including home equity, about 1 of every 15 households in America is a millionaire household. For perspective, half of all US households have a financial net worth of less than $100,000. This presentation illustrates how the typical millionaire household behaves quite differently from the others in terms of wealth accumulation.
Empirical research shows that millionaires tend to have a good work ethic by being industrious and persevering in their pursuits – whatever they may be. This often leads to a good income stream. Yet, their income does not dictate their lifestyle. Millionaires tend to practice good stewardship of their resources; they are frugal and avoid excessive debt. Further, well- adjusted millionaires tend to be humble, charitable, and have a good, healthy marriage. While many of these traits may seem obvious, most people do not have the bias for action to practice them!
Most people have it all wrong about how one becomes wealthy. It is seldom inheritance or advanced degrees or even intelligence that build fortunes; more often it is the result of hard work, diligent savings, and living below your means. Most of America's truly wealthy do not live in Beverly Hills or on Park Avenue—in fact, quite often they live right next door. William Danko, who spent over 30 years interviewing millionaires, provides numerous take-away examples of how sacrifice, discipline, and hard work most often result in wealth. But these tried-and-true traits so often are ignored by a society bent on obtaining a quick buck. From keynote presentations to after-dinner talks and receptions, Danko shares insights that extend the research found in The Millionaire Next Door. From his elucidating presentation, you’ll learn:
· What millionaires really do—what they buy, how they invest, how they live
· Why attitude is more important than net worth
· What it means to be richer than a millionaire
· How to successfully pass on wealth to your children: tuition, medical expenses and seed money versus vacations, cars, and housing